TymeBank has launched a new Enterprise Payments service enabling third-party payment providers (TPPPs) to offer PayShap Request to merchants. This capability gives South African businesses a simple, secure and bank agnostic way to receive instant bank payments from customers at checkout.
“PayShap Request is an important step toward a safer, easier and universal instant payments system for South African businesses and consumers,” said Chris Becker, Managing Executive of Enterprise Payments at TymeBank. “By opening this instant payment type to our TPPP partners as the sponsoring bank and through our modern API, we’reenabling them to give consumers and merchants a safe and easy instant payment option that works across all participating banks, directly at checkout.”
With this service, TymeBank functions as the sponsoring bank for approved TPPPs, fulfilling clearing and settlement obligations behind the scenes while partners deliver merchant-facing experiences. The proposition keeps the PayShap product front-and-centre, which is an integral part of the modernisation plan for the South African National Payment System.
PayShap enables all banking customers to check out and pay securely and quickly, without needing to enter bank card details or share sensitive banking information. PayShap Request, a feature of PayShap, allows a business or individual to send a payment request to another person, who can then approve and pay instantly through their bank’s secure app.
The benefits of PayShap Request
- For the consumer: An easy, fast and safe way for consumers to check out and pay online. Simply enter your PayShap ID, cellphone or account number and approve the payment on your bank’s secure app.
- For businesses: Simplified merchant checkout pages. PayShap is an interoperable and bank agnostic instant payment method for all bank customers and merchants. This means merchants can simplify their checkout pages by removing the need for bank-specific payment methods to process instant payments.
- For TPPPs: Seamless partner integration. TPPPs can enable PayShap Request within their existing merchant channels through integration with TymeBank’s modern enterprise API.
Israel Skosana, Chief Product and Scheme Officer at PayInc, reiterated these comments by adding: “The launch of TymeBank’s Enterprise Payments service marks a powerful step in our broader participation strategy for expanding real-time payments access, accelerating financial inclusion, and driving South Africa’s digital economy.”
Becker concluded: “Our ultimate goal is to give consumers a safe, simple, and modern way to pay in real time, while strengthening the National Payments System by backing the SARB Payments Ecosystem Modernisation programme and launching PayShap Request for merchants through trusted partners.”
